Paper Information

Journal:   JOURNAL OF MONETARY AND BANKING RESEARCHES   FALL 2015 , Volume 8 , Number 25 #P0093; Page(s) 355 To 378.
 
Paper: 

ANALYSIS OF COUNTRIES SHORT-TERM INTEREST RATES RESPONSES TO U.S. MONETARY POLICY SHOCK

 
 
Author(s):  BARAKCHIAN SEYED MAHDI, SHARIF VAGHEFI MEHRAD
 
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Abstract: 

There have been numerous papers worked on the effect of U.S. monetary policy on other countries macroeconomic variables. However, few papers focus on foreign countries monetary policy reactions to U.S. monetary policy. The main purpose of this paper is to find out how foreign countries policy makers react to U.S. monetary policy. In order to answer this question, we examine the effect of exogenous U.S. monetary policy shock on other countries’ short term interest rates. The second part of the paper tries to find that which factors can explain the differences in countries’ monetary policy reactions. Our results show that monetary policy independence, financial openness, central bank independence, and U.S. trade share of countries GDP can explain countries different reactions to U.S. monetary policy.

 
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